Practice problems for an upcoming test on lifo, fifo and other inventory methods

Periodic System-Calculating Ending Inventory and Cost of Sales using Average Cost, FIFO, and LIFO Leven Company began operations on December 1, 2019. The following information is available for the company's merchandise inventory. A physical inventory taken on March 31, 2020, showed 2,100 units available. Leven uses a periodic inventory system. Date Units Unit Cost January 1, 2020 (beginning inventory) 1,120 $9.00 Purchases: January 5, 2020 2,100 10.00 January 25, 2020 1,680 10.50 February 16, 2020 340 12.00 March 26, 2020 1,260 13.00 Required a. Compute ending inventory and cost of goods sold for the quarter ended March 31, 2020, using: Ending Inventory COGS 1. Average cost method. S 2. FIFO method. 3. LIFO method. b. Which method results in the: 1. Highest gross profit? 2. Lowest gross profit? 3. Highest ending inventary balance? 4. Lowest ending inventory balance